A Message from President and CEO Ted Mathas - April 6, 2009

There’s no question that the current economic crisis remains a concern for all of us. But at New York Life we believe that even in challenging times like these, it’s still important to look ahead and plan a secure financial future.

We’ve been helping individuals and families do just that through the ups and downs of the past 164 years. And we’re here today, financially strong and secure, ready to deliver the guarantees and peace of mind people are looking for – and need – in both good times and bad.

You don’t hear much about guarantees and peace of mind from financial institutions these days. And there hasn’t been a lot of encouraging news from the business world in recent months. In fact, there are some people comparing today’s environment with the Great Depression.

Whether or not this comparison is appropriate, New York Life customers can take great comfort in knowing that their life insurance company did not just survive that challenging period in our history – we maintained our superior financial strength and met all obligations to our policyholders. And the values, strategies and products that guided the Company back then are the same ones guiding us through the crisis today.

We’ve remained a mutual life insurer, exclusively focused on our customers. We’ve adhered to a disciplined and prudent investment philosophy aimed at long-term financial strength and stability. And we’ve never stopped emphasizing the importance of traditional life insurance and other products offering long-term guarantees.

Not all life insurance companies have shared our perspective. Some have become publicly traded companies that must now balance their obligations to customers with the demands of shareholders and expectations of Wall Street. Others have shifted their focus away from life insurance in favor of other products that can be riskier for them and their customers.

What this means is that some of the oldest life insurers in America aren’t the same companies they once were. Unfortunately, when the markets took a downturn last year, many of these companies suffered significant losses. And some must now consider selling assets to raise cash, while others are turning to the federal government for assistance.

At New York Life, the story is very different. While we aren’t immune to market conditions, we have avoided the short-term thinking that has hurt others.

Instead, we’ve stuck to our long-term approach for managing our business and investments. And that enabled us to deliver a strong operating performance in 2008. Sales and revenue were up. Our earnings were up as well. And because we maintain one of the most diverse investment portfolios in the life insurance industry, we had very limited exposure to sub-prime mortgages and other toxic segments of the credit and equity markets.

So unlike many other insurers and financial companies you may have heard about recently, New York Life remains independent, strong and stable. And we have ample liquidity and the necessary capital on hand to meet all of our obligations to our customers.

While the world around us has changed, it doesn’t mean long-term goals and objectives should be put on hold. Protecting loved ones against the unexpected; planning for a comfortable retirement; saving for college – today, getting the right plan in place is perhaps more important than ever.

That’s why more and more people are turning to New York Life and its family of companies for the products to help them achieve their goals. Products such as time-tested traditional whole life insurance that builds cash value regardless of market performance – a valuable resource that can be borrowed against in times of need; and guaranteed lifetime income annuities that provide streams of income throughout retirement. And these are backed by one of the soundest and strongest life insurance companies doing business today.

In times like these, obtaining financial security from a company you can trust is becoming harder to find. But at New York Life, we were built for times like these. And we want you to know that you’re not in this alone. So please don’t hesitate to get in touch with one of our agents or representatives, or the local office in your community. We’re here to help you regardless of what lies ahead – and you can be certain we’ll be here for you whenever you need us.

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